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Switching to Altcoins? Can They Sustain Upward Trend?

When attended The Global Blockchain Conference of 2017 in Chengdu, I met some new faces who just stepped into the cryptocurrency world. The next thing I knew, I was besieged with a barrage of questions about investment in cryptocurrencies.

Is it a good idea to buy Bitshares?

Is Ripple a good investment?

Will bitcoin be surpassed by ETH?

So I wrote this short article to share some of my ideas with them.

Is Bitshares a good investment?

Honestly, I don’t know it either. I have some friends who started buying Bitshares at the price of 0.05 yuan, and they urged me to buy it when the price of per Bitshares rose to 0.5 yuan, but I never put a penny in. It’s not like I see it as a bad investment, the truth is that I think it has many technical advantages, but the advantages are not monopolistic. In other words, it could be replaced.

My philosophy is that if the market capital of Bitshares ranks top ten and remains so in three months, then I would start investing in it.

Is It a Good Idea to Buy Ripple?

I suggested people buying ripple at the price of 0.03 yuan. And I made a group with large ripple holders, including Li Xiaolai, a Chinese bitcoin multi-millionaire. At that time, Li really loved ripple. When be interviewed by the CCTV, he said that:

“If a coin was born to make the world better, then I believe it is a good investment.”

Li tried to take his account back, but Ripple didn’t give him any reply. And that’s how he changed his attitudes about ripple and claimed that it is bad.

Now the price for ripple seems to be on an upward trend. So just stick to your own judgement and don’t hesitate. It’s like when the price of bitcoin reached over 10,000 yuan, people asked me “is it too late to buy bitcoin now”, and then later bitcoin price reaches over 20,000 yuan.

Will Bitcoin Be surpassed by Altcoins?

Bitcoin is the only cryptocurrency that is truly technologically monopolistic. But if you ask me whether it would be surpassed by altcoins like Ethereum, I’d say it could be. Actually, bitcoin has already been surpassed in terms of price growth. But it’s nothing strange about this when the market is bullish. The real question is can these altcoins sustain upward trend? I don’t think so. Eth is likely to be replaced when EOS blockchain system is launched. Remember how Nokia is rapidly destroyed by iPhone?

I have been living two lives. In one life, I am a news editor of 8btc. I translate news, interview bitcoiners and miners. In the other life, I am an AI bot programmed to .......Forget it! Who is gonna buy this BS! I'm just me, Cindy, nobody else.

COMMENTS(27)

1 year agoBitcoinAllBot

Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

Betteridge’s law of headlines is one name for an adage that states: “Any headline that ends in a question mark can be answered by the word no.” It is named after Ian Betteridge, a British technology journalist, although the principle is much older. As with similar “laws” (e.g., Murphy’s law), it is intended as a humorous adage rather than the literal truth.

Da Tou, literally “Big head”, attended The Global Blockchain Conference of 2017 in Chengdu and shared his opinion about investment in cryptocurrencies. As eth’s market cap reaches closer to btc, can it surpass btc? Or Eth will also be surpassed just like Nokia if it is not technically monopolistic. http://news.8btc.com/switching-to-altcoins-can-they-sustain-upward-trend

Because of some issues that Bitcoin is having some users are thinking about abandoning the Bitcoin and choosing some alts. But to my opinion this would be wrong decision. Although many altcoins are showing rising I don’t see any particular potential to replace the Bitcoin or achieve its value. So I wouldn’t switch to any alt at the moment.

Quote from: bitbunnny on Today at 11:40:42 AM
Because of some issues that Bitcoin is having some users are thinking about abandoning the Bitcoin and choosing some alts. But to my opinion this would be wrong decision. Although many altcoins are showing rising I don’t see any particular potential to replace the Bitcoin or achieve its value. So I wouldn’t switch to any alt at the moment.

you usually abandon something for another better thing!like abandoning old fiat and banking system to move to the decentralized system that bitcoin has offered.so if you want to find an alternative for bitcoin, that alternative must be better. not just rising in price!and with that in mind, there is nothing better than bitcoin. there are a lot of awesome features in altcoins but when you check all the pros and cons of each of them you will see that they also have numerous flaws.

Total shift from Bitcoin is not recommended because you can’t ignore the fact that it is the most stable cryptocurrency available out there right now but a small investment in other progressing altcoins like monero and ethereum must be made to diversify your portfolio and reduce the risks of market.

The dominance of the bitcoin is dropping significantly and there are issue about the transaction fee and then there is also an issue of forking really make bitcoin unstable, and in the other hand alt coin keep on showing its potential, if this keep on continue bitcoin can lost the top place, but for now bitcoin still strong on the top and it is not that easy to replace bitcoin

Quote from: machinek20 on Today at 12:27:09 PM
The dominance of the bitcoin is dropping significantly and there are issue about the transaction fee and then there is also an issue of forking really make bitcoin unstable, and in the other hand alt coin keep on showing its potential, if this keep on continue bitcoin can lost the top place, but for now bitcoin still strong on the top and it is not that easy to replace bitcoin

Well I only agree with the latter part of your contribution, I think Bitcoin is still strong and just tumbled a bit but people or perhaps doomsayers are trying to make a currency out of it at the least opportunity. Haven’t we seen such a dip before?when it went all time high in 2013 , didn’t it tumble down to around 200$ so what are they saying again, the Alts have no place yet and we should guard our comments in order not to spark panic selling.

Quote from: dissident on Today at 02:48:10 PM
Anyone who ignores alts as inferior is very shortsighted, and has missed a ton of profits.
being inferior or not has nothing to do with how much profit they give!Quote
None of these are good as currencies, except tether, because they are too volatile.
tether is too dangerous in my opinion. in less than a year we have seen it decline a lot and drop down to 0.9 just because once bitfinex was hacked and the other time their banks blocked the withdrawals.if you want a non-volatile thing similar to tether then stick to fiat, why bother with something that is not even guaranteeing the price.Quote
I see them more as small cap stocks or commodities.. fixed supply with varying demand.
not all of them have fixed supply, lol

You should rather ask, would Bitcoin be able to sustain the volume… when Ethereum goes down. It is just a matter of time before Ethereum is going to fold. The problem is this…. when Ethereum goes down, it will cause a ripple effect. Investors will lose a lot of money and this will get a lot of media attention. The negativity will spill over to Bitcoin and investors will be hesitant to invest in Bitcoin. Stay away from Ethereum.

it is funny how all these news sites are publishing articles talking about potential AFTER the rise happened! talk about a poor article eh!it is the same with bitcoin, price rises from $1000 to $1250 they all start praising it (8btc included) and quote people we have never heard of telling us how awesome bitcoin investment is and how it is heard to $5000, or $50,000!and when price comes down from the ATH of $2900 to $2500 the same sites start quoting some other people we have never heard of who are saying how bitcoin is garbage, how it was a bubble and how it is headed to $500, $200 etc

Quote from: bitbunnny on Today at 11:40:42 AM
Because of some issues that Bitcoin is having some users are thinking about abandoning the Bitcoin and choosing some alts. But to my opinion this would be wrong decision. Although many altcoins are showing rising I don’t see any particular potential to replace the Bitcoin or achieve its value. So I wouldn’t switch to any alt at the moment.

Well whoever is contemplating abandoning Bitcoin doesn’t know Bitcoin and they do so at their own ignorant discretion. Who told you nobody will buy back if you abandon your portion of bitcoins savings at this stage in bitcoins development ? So the Alts will remain Alts and will sustain their growth simultaneously to Bitcoins growth.

Quote from: bitbunnny on Today at 11:40:42 AM
Because of some issues that Bitcoin is having some users are thinking about abandoning the Bitcoin and choosing some alts. But to my opinion this would be wrong decision. Although many altcoins are showing rising I don’t see any particular potential to replace the Bitcoin or achieve its value. So I wouldn’t switch to any alt at the moment.

you usually abandon something for another better thing!like abandoning old fiat and banking system to move to the decentralized system that bitcoin has offered.so if you want to find an alternative for bitcoin, that alternative must be better. not just rising in price!and with that in mind, there is nothing better than bitcoin. there are a lot of awesome features in altcoins but when you check all the pros and cons of each of them you will see that they also have numerous flaws.

That is a good point,of course you have to select a better option. As of now, still its OK with bitcoin. If you are going to abandon it, better transfer it to the top ten cryptocurreny in coinmarketcap. At least, it has a big market capitalization.

Quote from: bitbunnny on Today at 11:40:42 AM
Because of some issues that Bitcoin is having some users are thinking about abandoning the Bitcoin and choosing some alts. But to my opinion this would be wrong decision. Although many altcoins are showing rising I don’t see any particular potential to replace the Bitcoin or achieve its value. So I wouldn’t switch to any alt at the moment.

you usually abandon something for another better thing!like abandoning old fiat and banking system to move to the decentralized system that bitcoin has offered.so if you want to find an alternative for bitcoin, that alternative must be better. not just rising in price!and with that in mind, there is nothing better than bitcoin. there are a lot of awesome features in altcoins but when you check all the pros and cons of each of them you will see that they also have numerous flaws.

That is a good point,of course you have to select a better option. As of now, still its OK with bitcoin. If you are going to abandon it, better transfer it to the top ten cryptocurreny in coinmarketcap. At least, it has a big market capitalization.

again you didn’t understand my point.the top 10 cryptocurrencies on marketcap are on top because they have a big number called marketcap. it does not indicate they are better than bitcoin or even be good!it just shows they have either a high price or a high amount of coins available. such as XRP for example.as far as investment and making profit is concerned altcoins are awesome. they get pumped 500% to 1500% in a short time like a week and give you a lot of profit if you act quick.but as a real decentralized cryptocurrency that can act both as a secure store of value and a secure currency, they are not so good.

Quote from: Doofus on Today at 10:10:38 AM
Da Tou, literally “Big head”, attended The Global Blockchain Conference of 2017 in Chengdu and shared his opinion about investment in cryptocurrencies. As eth’s market cap reaches closer to btc, can it surpass btc? Or Eth will also be surpassed just like Nokia if it is not technically monopolistic. http://news.8btc.com/switching-to-altcoins-can-they-sustain-upward-trend

In troubled times like nowadays you should rather think about preserving your wealth, surely not about whether altcoins can “sustain [the] upward trend”. If Bitcoin seriously goes down, other altcoins will certainly follow. If Bitcoin is going to kick the bucket due to the coming split, there will be a lot of strife between contenders to take its place. People will be looking where to pour their fiat after Bitcoin is no longer at the top (at least those who manage to preserve their wealth in the process of Bitcoin losing its place and value)But it may take some time till the dust finally settles and the sun shines bright again in the cryproworld

Anyone who ignores alts as inferior is very shortsighted, and has missed a ton of profits. Likewise it would be silly to ignore bitcoin, though the faster they make changes to decrease fees and make it more scalable the better. None of these are good as currencies, except tether, because they are too volatile. I see them more as small cap stocks or commodities.. fixed supply with varying demand.

Well because of the high fees and long transaction confirmation times, Bitcoin is losing its popularity and Etherum is looking promising. ETH also had a similar uptrend as bitcoin in past few months, its very hard to predict is the uptrend is doing to continue or stabilize or drop. Yes maybe ETH will become more popular and rise more but remember BTC is not dead yet and it won’t die for me BTC always comes beofre any ALT.

I am sure bitcoin is not the end of what cryptocurrencies could deliver to world. There maybe lot coming in path offering much better experience and trends than bitcoin. But ethereum is not that coin. It is more or less dependent upon bitcoin. How can we trust a coin to be more promising than bitcoin whose price keep fluctuating 25-30% of total worth everyday. Its price is directly related to BTC success

Quote from: Doofus on Today at 10:10:38 AM
Da Tou, literally “Big head”, attended The Global Blockchain Conference of 2017 in Chengdu and shared his opinion about investment in cryptocurrencies. As eth’s market cap reaches closer to btc, can it surpass btc? Or Eth will also be surpassed just like Nokia if it is not technically monopolistic. http://news.8btc.com/switching-to-altcoins-can-they-sustain-upward-trend

Another flippening post.Quote
The Flippening refers to the possible future event when Ethereum overtakes Bitcoin to become the biggest, most valuable, and most important cryptocurrency.

Would Ethereum’s market cap surpass bitcoins is not important. If it did then it would become the biggest cryptocurrency in terms of cap, but most valuable and most important? Nope.Currently there are 16,394,462 BTC (max 21,000,000) and 92,536,226 ETH (There is no limit, a constant amount of ETH will be mined forever) in circulation.The current circulation of ETH is more than five times of BTC, but value is 1/7 of a bitcoin.If tomorrow someone launched an altcoin with a mximum supply of 99,999,999,999 and even selling this at $1/coin would take its market cap to 99,999,999,999. Does it mean this new altcoin has become the most valuable, and most important cryptocurrency? Nope.ETH’s increasing price, trading volume and market cap could be summarized as simply as, ICO – tokens – using ETH to buy tokens – expecting to make it large if the ICO succeeds. ICOs are booming and some of the existing ICOs are doing really good. But on the downside many instances of ICO fraud has been reported, marketing it as crowdsale or donation makes it regulation free. Since Ethereum is entirely dependent on ICOs for its growth and if some prominent ICOs scam/collapse ETH would come crashing down. Whereas bitcoin is entirely independent and scarcity makes it the most valuable and important cryptocurrency.

To be honest, I’m now beginning to think of moving to alt coins specially Ethereum. But the more I’m contemplating, the more I resist the urge to moved. I still believed that alt coins are just a pump and dump coins and I’m not a big player on bitcoin so what else should I do on alt coin markets? I will be just eaten as well by big entities and those group that is continuously pumping certain coin and dump it for profit. In short, I don’t have control. I may be shaken if I’m not slowly picking the coins that I should be investing for. The only coin that interest me though is only Ethereum, but I guess I have to study more and not just jump on the bandwagon. I don’t what to regret my decision later.

Quote from: Kprawn on Today at 03:26:30 PM
You should rather ask, would Bitcoin be able to sustain the volume… when Ethereum goes down. It is just a matter of time before Ethereum is going to fold. The problem is this…. when Ethereum goes down, it will cause a ripple effect. Investors will lose a lot of money and this will get a lot of media attention. The negativity will spill over to Bitcoin and investors will be hesitant to invest in Bitcoin. Stay away from Ethereum.

There is hardly any reason to think soEthereum will certainly not be the first shit coin to scam eventually. But did it somehow affect Bitcoin, in any meaningful degree? I guess no. There simply doesn’t exist a transfer mechanism that would make Bitcoin go down or even crash if Ethereum is set to scam. Most die-hard bitcoiners are firm believers that Ethereum will definitely scam in the end, so I can’t possibly see a way how it could damage Bitcoin when it goes bust. That will likely give Bitcoin a boost (unless Bitcoin kicks the bucket on its own, of course)

Definitely ethereum have some potential rather than just a hype, most of the ICO are running on ETH based tokens that is one of the reason behind all this pump. ETH can grow significantly in future if this trend continues, but I don’t think this will have any negative impact on bitcoin’s price growth.